Marlboro maker places $1.8 billion bet on marijuana
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December 7, 2018
NEW YORK (AP) — One of the world's biggest tobacco companies is diving into the cannabis market with a $1.8 billion buy-in.
Marlboro maker Altria Group Inc. is taking a 45 percent stake in Cronos Group, the Canadian medical and recreational marijuana provider said Friday.
The agreement includes a warrant to acquire additional shares over the next four years that could give the Altria, which is based in Richmond, Virginia, a 55 percent ownership stake in the Toronto company.
That would mean Altria's investment would be in the same league as the $4 billion spent earlier this year by Constellatio...
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